WINSTON-SALEM, N.C., Feb. 8 /PRNewswire-FirstCall/ -- Reynolds
American Inc. (NYSE:RAI) today reported strong full-year and
fourth-quarter 2005 financial results, and announced its full-year
guidance for 2006. "Reynolds American is off to a great start,"
said Susan M. Ivey, RAI's chairman, chief executive officer and
president. "In 2005, we successfully rolled out R.J. Reynolds'
portfolio strategy, captured an additional $350 million in merger
synergies and completed the majority of our integration efforts.
Our fourth-quarter and full-year 2005 results demonstrate the
significant progress we are making in building a stronger business
that delivers sustained earnings growth." In addition, Ivey said,
"To further enhance shareholder value, we raised our dividend by 31
percent, to $5.00 a share. In doing so, we established a dividend
that returns approximately 75 percent of Reynolds American's net
income to shareholders." RAI's fourth-quarter and full-year results
follow in two sections: one that presents measurements reported in
accordance with U.S. generally accepted accounting principles
(GAAP); and a second section that provides certain pro forma GAAP
measurements, to provide additional perspective on the company's
performance. GAAP (As Reported) Fourth Quarter and Full Year
Results - Highlights (dollars in millions, except per-share
amounts) Fourth Quarter Full Year % % 2005(1) 2004(2,3) Change
2005(1) 2004(2,3) Change Net sales $2,047 $2,001 2.3% $8,256 $6,437
28.3% Operating income $218 $49 344.9% $1,459 $882 65.4% Net income
$297 $76 290.8% $1,042 $688 51.5% Net income per diluted share
$2.01 $0.51 294.1% $7.06 $6.17 14.4% 1. Fourth-quarter and
full-year 2005 operating results include $200 million in non-cash
trademark and goodwill impairments. Fourth- quarter and full-year
2005 net income also reflect the additional benefits of $133
million from the favorable resolution of prior years' tax matters,
including an extraordinary gain; and an incremental $2 million gain
on the 1999 sale of RJR's international tobacco business to Japan
Tobacco. Full-year 2005 operating results also include $52 million
in incremental charges related to Phase II tobacco grower
obligations; $81 million in incremental charges related to the
stabilization inventory pool losses associated with the tobacco
quota buyout program (FETRA); and the benefit of a $79 million
Phase II growers' trust offset. Full-year 2005 operating results
include net charges of $24 million related to the second-quarter
sale of R.J. Reynolds' packaging business. After-tax numbers are
shown in the attached financial schedules. 2. Fourth-quarter and
full-year 2004 operating results include the benefit of a $69
million Phase II growers' trust offset. This benefit was offset by:
fourth-quarter and full-year net charges of $30 million and $5
million, respectively, for restructuring charges; fourth-quarter
non-cash trademark impairment charges of $199 million; and $50
million in legal settlements for the year (which include
fourth-quarter charges of $17 million to settle the California MSA
advertising case and a first-quarter charge of $33 million related
to the settlement of the tobacco growers' lawsuit). After-tax
numbers are shown in the attached financial schedules. 3. 2004 net
income includes $175 million in favorable resolutions of prior
years' tax matters, with $30 million in the fourth quarter, and a
third-quarter $49 million gain on RJR's acquisition of Nabisco
Group Holdings in 2000. 2004 net income also includes a $12 million
gain on the 1999 sale of RJR's international tobacco business to
Japan Tobacco, with $11 million in the fourth quarter. GAAP Balance
Sheet Highlights (as of Dec. 31, 2005) - Cash and short-term
investments: $2.7 billion - Debt: $1.7 billion - Equity: $6.6
billion - Dividend: $1.25 per share quarterly $5.00 per share
annualized Fourth Quarter Financial Results (GAAP) On a GAAP basis,
fourth-quarter 2005 net sales were $2.05 billion, up 2.3 percent
from the prior-year period. The increase was due to improved
pricing and a prior-year returned goods charge, partially offset by
volume declines. Fourth-quarter 2005 operating income was $218
million, up 344.9 percent from the prior-year period. This was
primarily due to the factors that affected net sales, as well as
the benefits of incremental merger-related synergies, reduced
merger-related costs and lower restructuring charges. These were
partially offset by a Phase II growers trust benefit in the prior-
year quarter. In addition, fourth-quarter operating income was
reduced by approximately $200 million in non-cash impairment
charges in both 2005 and 2004. Net income was $297 million, up
290.8 percent compared with the prior-year quarter. This reflected
the after-tax impact of the factors cited above, as well as an
additional net benefit from favorable settlements of prior years'
tax matters that were recorded during the fourth quarters of both
years. Fourth-quarter earnings per diluted share were $2.01, up
294.1 percent from the prior-year period. A table that details
significant items that were included in GAAP results during the
fourth-quarter periods of 2004 and 2005 is attached. Full Year
Financial Results (GAAP) For full-year 2005, net sales were $8.26
billion, up 28.3 percent from 2004. The increase was primarily due
to incremental revenues resulting from the July 30, 2004, business
combination of R.J. Reynolds Tobacco Company and the U.S. business
of Brown & Williamson Tobacco Corporation (B&W), as well as
improved pricing. Operating income for the full year was $1.46
billion, up 65.4 percent from the year-ago period. This reflected
the same factors that impacted net sales, as well as merger-related
synergies and lower merger-related costs. These were partially
offset by higher MSA and tobacco quota buyout expenses, as well as
charges related to settlements and the sale of R.J. Reynolds'
packaging business. Full-year 2005 net income of $1.04 billion was
up 51.5 percent from the prior year. This reflected the after-tax
net benefit of the full-year factors cited above, partially offset
by a reduction in the amount of income from favorable tax
resolutions recorded in 2005 compared with that in 2004. Earnings
per diluted share were $7.06, up 14.4 percent from 2004. Operating
Company Volume The following table summarizes fourth-quarter and
full-year 2005 U.S. cigarette shipment volume for RAI's operating
companies. The full-year volume increases were driven by the
addition of former B&W brands and Lane Limited brands,
beginning July 30, 2004. For the Three Months For the Year Ended
Dec. 31 Ended Dec. 31 (volume in billions % % of units) 2005 2004
Change 2005 2004 Change R.J. Reynolds volume 26.6 28.0 (4.9)% 107.4
91.6 17.2% Full-price 16.2 16.6 (2.3)% 64.8 57.0 13.8% Savings 10.4
11.4 (8.6)% 42.6 34.6 22.8% Other volume(1) 0.6 0.6 7.3 % 2.5 2.2
10.4% Total domestic volume(2) 27.3 28.6 (4.6)% 109.8 93.8 17.0% 1.
Other volume includes U.S. cigarette volume for Santa Fe Natural
Tobacco Co., Lane Limited, Puerto Rico and other U.S. territories.
2. Amounts presented in this table are rounded on an individual
basis and, accordingly, may not sum on an aggregate basis.
Percentages are calculated from unrounded volume numbers. Industry
Volume and Mix Based on information from Management Science
Associates, Inc. (MSAi), industry volume for the fourth quarter of
2005 was 93.9 billion units, down 5.2 percent from the prior-year
period. The industry's full-price mix was 71.1 percent for the
fourth quarter of 2005, up 1.8 percentage points from the year-ago
quarter. Full-year 2005 industry volume was 381.0 billion units,
down 3.4 percent from the prior-year period. Industry full-price
mix for the year was 71.2 percent, up 1.6 percentage points
compared with 2004. Pro Forma GAAP Results The following results
are presented as if the business combination had been completed as
of Jan. 1, 2004 (pro forma GAAP basis). A table that reconciles
GAAP to pro forma GAAP is attached. This table also details
significant adjustments that were included in GAAP earnings during
the fourth- quarter and full-year periods of 2004 and 2005. Pro
Forma GAAP Fourth Quarter and Full Year Results - Highlights(1)
Fourth Quarter Full Year % % (dollars in millions) 2005 2004 Change
2005 2004 Change Net sales $2,047 $2,001 2.3% $8,256 $8,285 (0.4)%
Operating income $218 $79 175.9% $1,459 $1,082 34.8 % Net income
$297 $94 216.0% $1,042 $807 29.1 % 1. See the Reconciliation of
GAAP to Pro Forma GAAP Results table attached at the end of this
document. "With net income growing 29 percent on a pro forma basis,
our 2005 results clearly demonstrate the success of the merger,"
said Dianne M. Neal, RAI's chief financial officer. "We exceeded $1
billion in net income, and we reached that despite significant
incremental charges." Fourth Quarter Financial Results (Pro Forma
GAAP) Even though the merger was completed prior to the fourth
quarter of 2004, pro forma results for that quarter differ from
GAAP results for the same quarter. That is because GAAP results
show certain acquisition-related costs in the fourth quarter of
2004, when they were incurred, whereas pro forma guidelines require
that those costs be recognized beginning Jan. 1, 2004. On a pro
forma GAAP basis, fourth-quarter 2005 net sales were $2.05 billion,
up 2.3 percent from the prior-year period. Fourth-quarter 2005 pro
forma operating income of $218 million was up 175.9 percent from
the prior-year period. Net income for the fourth quarter of 2005 of
$297 million was up 216.0 percent from the prior-year period on a
pro forma GAAP basis. A table that details significant items that
were included in pro forma GAAP earnings during the fourth-quarter
periods of 2004 and 2005 is attached. Full Year Financial Results
(Pro Forma GAAP) Full-year pro forma GAAP results are computed as
if the merger had been completed on Jan. 1, 2004. As a result, the
2004 pro forma results include 12 months of operations at B&W
and certain adjustments related to acquisition costs, compared with
only five months of B&W operations included in the GAAP
results. Other than these differences, the pro forma comparisons
reflect all of the same dynamics that were discussed for GAAP
results. On a pro forma GAAP basis, Reynolds American's full-year
2005 net sales were essentially flat (down 0.4 percent), operating
earnings increased 34.8 percent to $1.46 billion, and net income
rose 29.1 percent to $1.04 billion. Operating Company Volume (Pro
Forma) The following volume information is reported as if all
brands had been part of RAI's operating companies beginning Jan. 1,
2004. For the Three Months For the Year Ended Dec. 31 Ended Dec. 31
(volume in billions % % of units) 2005 2004 Change 2005 2004 Change
R.J. Reynolds volume 26.6 28.0 (4.9)% 107.4 113.6 (5.5)% Full-price
16.2 16.6 (2.3)% 64.8 67.3 (3.8)% Savings 10.4 11.4 (8.6)% 42.6
46.2 (7.9)% Other volume(1) 0.6 0.6 7.3 % 2.5 2.4 4.3 % Total
domestic volume(2) 27.3 28.6 (4.6)% 109.8 115.9 (5.3)% 1. Other
volume includes U.S. cigarette volume for Santa Fe, Lane, and
Puerto Rico and other U.S. territories. 2. Amounts presented in
this table are rounded on an individual basis and, accordingly, may
not sum on an aggregate basis. Percentages are calculated from
unrounded volume numbers. R.J. Reynolds' Shipment Volume (Pro
Forma) R.J. Reynolds' 2005 fourth-quarter pro forma shipment volume
of 26.6 billion units was down 4.9 percent. For the full year, pro
forma shipment volume declined 5.5 percent to 107.4 billion units.
For the quarter, full-price mix improved to 60.8 percent, up 1.6
percentage points from the year-ago quarter. For the full year,
full-price mix improved 1.1 percentage points to 60.4 percent. R.J.
Reynolds' Retail Share (Pro Forma) "Our 2005 market-share results
show that our new brand-portfolio strategy is making a difference
in the marketplace," said Lynn J. Beasley, R.J. Reynolds' president
and chief operating officer. "Our focus on Camel and Kool as
investment brands is delivering strong results, with both brands
accelerating their growth and ending the year at their highest
share levels in years. "Camel's filtered styles exited the year
with more than 7 percent of the U.S. market, which helped the brand
achieve a full-year share of 6.68 percent -- their highest ever,"
she said. "Kool ended the year with a national share of more than 3
percent, and had a full-year share of 2.98 percent, its highest
full-year share since 1999. On a combined basis, Camel and Kool
increased their full-year share by 0.58 share points in 2005 --
more than double their combined growth in 2004." Beasley said that
Camel and Kool's gains were the result of the increased support
those brands receive as investment brands -- with a strategy that
focuses on strong brand positionings, product and packaging
innovations, and superior retail execution and presence. She noted
that the company's new portfolio strategy is not only accelerating
investment brand growth, it is also making headway in moderating
overall company share declines. On a pro forma basis, the total
company share decline for 2005 was 0.84 share points, versus a 1.27
share-point decline during the previous year. Reynolds American
Outlook "We are pleased with Reynolds American's performance and
results in 2005, and 2006 will be another year of dynamic growth,"
Neal said. "R.J. Reynolds will continue to generate
investment-brand growth and capture additional merger synergies --
bringing us to our goal of achieving $600 million in annualized
savings by the end of 2006. "In addition," she said, "we will begin
to realize savings from new productivity initiatives that will
produce approximately $325 million in savings over the next five
years. These savings, coupled with other elements of our new
business model, will allow us to deliver annual EPS percentage
growth in the low single digits, beginning in 2007." In announcing
the following 2006 forecast, Neal noted that Reynolds American has
decided to provide earnings guidance on the basis of full-year GAAP
earnings per diluted share. For 2006, Neal said, Reynolds American
forecasts diluted earnings per share of $8.00 to $8.40. This
estimate includes the after-tax effect of: - $125 million to $150
million in pre-tax incremental merger-related synergies, which will
be partially offset by pre-tax merger-related costs of
approximately $50 million. - $75 million to $100 million in pre-tax
productivity initiatives for the year, against a five-year plan to
deliver approximately $325 million in new productivity savings. - A
$60 million net tax benefit resulting from the favorable resolution
of prior years' tax matters. Neal said the company projects a 2006
volume decline of approximately 5 percent. "We expect our balance
sheet to remain strong in 2006," Neal said. "We should end the year
with cash and short-term investments of about $2.7 billion, which
includes merger-related cash costs of about $150 million. We expect
debt at year-end of $1.6 billion." Conference Call Webcast Today
Reynolds American will webcast a conference call to discuss
fourth-quarter and full-year 2005 financial results at 9:30 a.m.
Eastern Time on Wednesday, Feb. 8, 2006. The call will be available
live online on a listen-only basis. To register for the call,
please visit the "Investors" section of
http://www.reynoldsamerican.com/. A replay of the call will be
available on the site for seven days. Remarks made during the
conference call will be current at the time of the call and will
not be updated to reflect subsequent material developments.
Although news media representatives will not be permitted to ask
questions during the call, they are welcome to monitor the remarks
on a listen-only basis. Following the call, media representatives
may direct inquiries to Seth Moskowitz at (336) 741-7698.
Cautionary Information Regarding Forward-Looking Statements
Statements included in this news release that are not historical in
nature are forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements regarding RAI's future
performance and financial results inherently are subject to a
variety of risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. These risks and uncertainties include: the substantial
and increasing regulation and taxation of the cigarette industry;
various legal actions, proceedings and claims relating to the sale,
distribution, manufacture, development, advertising, marketing and
claimed health effects of cigarettes that are pending or may be
instituted against RAI or its subsidiaries; the substantial payment
obligations and limitations on the advertising and marketing of
cigarettes under the MSA and other state settlement agreements; the
continuing decline in volume in the domestic cigarette industry;
competition from other cigarette manufacturers, including increased
promotional activities and the growth of deep-discount brands; the
success or failure of new product innovations and acquisitions; the
responsiveness of both the trade and consumers to new products,
marketing strategies and promotional programs; the ability to
realize the benefits and synergies arising from the combination of
RJR Tobacco and the U.S. cigarette and tobacco business of B&W;
the ability to achieve efficiencies in manufacturing and
distribution operations without negatively affecting sales; the
cost of tobacco leaf and other raw materials and other commodities
used in products, including future market pricing of tobacco leaf
which could adversely impact inventory valuations; the effect of
market conditions on foreign currency exchange rate risk, interest
rate risk and the return on corporate cash; the effect of market
conditions on the performance of pension assets or any adverse
effects of any new legislation or regulations changing pension
expense accounting or required pension funding levels; the rating
of RJR's securities; the restrictive covenants of RJR's revolving
credit facility; the possibility of fire, violent weather and other
disasters that may adversely the manufacturing facilities; any
adverse effects from the transition of the packaging operations
formerly conducted by RJR Packaging, LLC, a wholly owned subsidiary
of RJR Tobacco, to the buyers of RJR Packaging, LLC's businesses;
any adverse effects arising out of the implementation of an SAP
enterprise business system in 2006; and the potential existence of
significant deficiencies or material weaknesses in internal
controls over financial reporting that may be identified during the
performance of testing required under Section 404 of the
Sarbanes-Oxley Act of 2002. Due to these risks and uncertainties,
you are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
news release. Except as provided by federal securities laws, RAI is
not required to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. Reynolds American Inc. (NYSE:RAI) is the parent company
of R.J. Reynolds Tobacco Company, Santa Fe Natural Tobacco Company,
Inc., Lane Limited and R.J. Reynolds Global Products, Inc. R.J.
Reynolds Tobacco Company, the second- largest U.S. tobacco company,
manufactures about one of every three cigarettes sold in the
country. The company's brands include five of the 10 best-selling
U.S. brands: Camel, Kool, Winston, Salem and Doral. Santa Fe
Natural Tobacco Company, Inc. manufactures Natural American Spirit
cigarettes and other tobacco products for U.S. and international
markets. Lane Limited manufactures several roll-your-own, pipe
tobacco and little cigar brands, and distributes Dunhill tobacco
products. R.J. Reynolds Global Products, Inc. manufactures, sells
and distributes American-blend cigarettes and other tobacco
products to a variety of customers worldwide. Copies of RAI's news
releases, annual reports, SEC filings and other financial materials
are available at http://www.reynoldsamerican.com/. REYNOLDS
AMERICAN INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME-GAAP
(Dollars in Millions, Except Per Share Amounts) (Unaudited) Twelve
Months Three Months Ended Ended December 31, December 31, 2005 2004
2005 2004 Net sales $1,952 $1,845 $7,779 $6,196 Net sales, related
party 95 156 477 241 2,047 2,001 8,256 6,437 Cost of products sold
1,183 1,225 4,919 3,872 Selling, general and administrative
expenses 436 485 1,611 1,455 (Gain) loss on sale of assets (1) - 24
- Amortization expense 8 13 41 24 Restructuring and asset
impairment charges 3 30 2 5 Goodwill and trademark impairment
charges 200 199 200 199 Operating income 218 49 1,459 882 Interest
and debt expense 32 23 113 85 Interest income (32) (14) (85) (30)
Other (income) expense, net 1 (6) 15 (2) Income from continuing
operations before income taxes 217 46 1,416 829 Provision for
(benefit from) income taxes (23) (19) 431 202 Income from
continuing operations 240 65 985 627 Gain on sale of discontinued
businesses, net of income taxes (1) 2 11 2 12 Income before
extraordinary item 242 76 987 639 Extraordinary item - gain on
acquisition (2) 55 - 55 49 Net income $297 $76 $1,042 $688 Basic
income per share: Income from continuing operations $1.63 $0.44
$6.68 $5.66 Gain on sale of discontinued businesses (1) 0.01 0.08
0.01 0.11 Extraordinary item (2) 0.37 - 0.38 0.44 Net income $2.01
$0.52 $7.07 $6.21 Diluted income per share: Income from continuing
operations $1.63 $0.44 $6.67 $5.62 Gain on sale of discontinued
businesses (1) 0.01 0.07 0.01 0.11 Extraordinary item (2) 0.37 -
0.37 0.44 Net income $2.01 $0.51 $7.06 $6.17 Basic weighted average
shares, in thousands 147,418 147,467 147,395 110,778 Diluted
weighted average shares, in thousands 147,600 147,694 147,586
111,436 (1) The 1999 gain on the sale of the international tobacco
business was adjusted as a result of a favorable resolution of
prior-years' tax matters. (2) Includes adjustments to the 2000
extraordinary gain on acquisition, resulting from favorable
resolution of prior-years' tax matters. REYNOLDS AMERICAN INC.
Reconciliation of 2004 GAAP Results to 2005 GAAP Results (Dollars
in Millions) (Unaudited) Fourth Quarter Twelve Months Operating Net
Operating Net Income Income Income Income 2004 Results $49 $76 $882
$688 Add back 2004 settlements 17 11 50 31 Add back 2004 Phase II
growers' trust offset (69) (42) (69) (42) Add back 2004 return
goods reserve adjustment 38 23 38 23 Add back 2004
merger/integration costs 43 26 130 79 Add back 2004 impairment
charges 199 120 199 120 Add back 2004 restructuring charges 30 18 5
3 Deduct 2004 favorable resolution of tax matters - (30) - (126)
Deduct 2004 gain on discontinued businesses - (11) - (12) Deduct
2004 extraordinary gain on acquisition - - - (49) Federal tobacco
buyout assessment - - (81) (52) Phase II growers' trust offset - -
79 51 Phase II growers' trust related expenses 1 1 (52) (33)
Merger/integration costs (19) (12) (107) (69) Impairment charges
(200) (128) (200) (128) Restructuring charges (3) (2) (2) (1) Loss
on sale of assets 1 1 (24) (15) Favorable resolution of tax matters
- 78 - 78 Discontinued operations - 2 - 2 Extraordinary gain on
acquisition - 55 - 55 Operations and other 131 111 611 439 2005
Results $218 $297 $1,459 $1,042 CONDENSED CONSOLIDATED BALANCE
SHEETS (Dollars in Millions) December 31, December 31, 2005 2004
Assets Cash and cash equivalents $1,333 $1,499 Short-term
investments 1,373 473 Other current assets 2,359 2,652 Trademarks,
net 2,188 2,403 Goodwill 5,672 5,685 Other noncurrent assets 1,594
1,716 $14,519 $14,428 Liabilities and shareholders' equity Tobacco
settlement and related accruals $2,254 $2,381 Current maturities of
long-term debt 190 50 Accrued liabilities and other current
liabilities 1,705 1,624 Long-term debt (less current maturities)
1,558 1,595 Deferred income taxes 639 805 Long-term retirement
benefits 1,374 1,469 Other noncurrent liabilities 246 328
Shareholders' equity 6,553 6,176 $14,519 $14,428 REYNOLDS AMERICAN
INC. Reconciliation of GAAP to Pro-forma GAAP Results The pro-forma
GAAP results for the quarter and twelve months ended December 31,
2004, are presented as if the merger had been completed on January
1, 2004. Fourth Quarter Twelve Months 2005 2004 2005 2004 Operating
income: RAI GAAP $218 $49 $1,459 $882 B&W/Lane GAAP results - -
- 328 Proforma adjustments - 30 - (128) RAI pro-forma GAAP $218 $79
$1,459 $1,082 The proforma GAAP operating results include the
following expenses (income): RAI federal tobacco buyout assessment
- - 81 - RAI settlements - 17 - 50 RAI Phase II growers' trust
offset - (69) (79) (69) RAI Phase II growers' trust related
expenses (1) - 52 - RAI returned goods reserve adjustment - 38 - 38
RAI merger/integration costs 19 43 107 130 RAI impairment charges
200 199 200 199 RAI net restructuring charges 3 30 2 5 RAI loss on
sale of assets (1) - 24 - B&W merger/integration costs - - - 34
B&W restructuring charge - - - 1 Net income: RAI GAAP $297 $76
$1,042 $688 B&W/Lane GAAP Results - - - 180 Proforma
adjustments - 18 - (61) RAI pro-forma GAAP $297 $94 $1,042 $807 The
proforma GAAP results include the following expenses (income): RAI
federal tobacco buyout assessment - - 52 - RAI settlements - 11 -
31 RAI Phase II growers' trust offset - 42) (51) (42) RAI Phase II
growers' trust related expense (1) - 33 - RAI returned goods
reserve adjustment - 23 - 23 RAI merger/integration costs 12 26 69
79 RAI impairment charges 128 120 128 120 RAI net restructuring
charges 2 18 1 3 RAI loss on sale of assets (1) - 15 - RAI
favorable resolution of tax matters (78) (30) (78) (126) RAI gain
on sale of discontinued operations (2) (11) (2) (12) RAI
extraordinary gain on acquisition (55) - (55) (49) B&W
merger/integration costs - - - 23 B&W restructuring charge - -
- 1 First Call Analyst: FCMN Contact: matthee2@rjrt.com DATASOURCE:
Reynolds American Inc. CONTACT: Investors, Ken Whitehurst,
+1-336-741-0951, or Media, Seth Moskowitz, +1-336-741-7698, both of
Reynolds American Inc. Web site: http://www.reynoldsamerican.com/
http://www.rjrt.com/
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